1. Field of the Invention
This invention relates generally to systems for conducting commercial transactions over a computerized network, and more particularly, to a system wherein buyers and or sellers are pooled to effect price reductions.
2. Description of the Related Art
Conventional auction arrangements are generally directed toward increasing the price at which the auctioned goods are sold by causing the buyers to bid against each other. There is a need, however, for a system of conducting sales of products and services whereby buyers are aggregated and the consequently increased purchasing power is applied to reduce the price at which the products or services are sold. Thus, vendors compete for the larger sale.
There is additionally a need to engage in price determination based on actual manufacturers' suggested retail priced (“MSRP”) or actual prices at which such products or services are available from other vendors (“Street Prices”), and actual price trends and price break points. In situations, for example, where the number of aggregated buyers is too great for a single vendor, there is a need for a system of conducting sales of products and services whereby vendors are aggregated.